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Sep 30, 2023
Amalgamated Financial Q3 2023 Earnings Report
Reported a net income increase driven by decrease in provision for credit losses and increase in net interest income.
Key Takeaways
Amalgamated Financial Corp. reported net income of $22.3 million, or $0.73 per diluted share, for the third quarter of 2023. Total deposits increased, excluding Brokered CDs. Net interest margin was stable at 3.29%.
Net income of $22.3 million, or $0.73 per diluted share.
Total deposits increased $96.2 million, or 1.4%, to $7.0 billion including a decline in Brokered CDs.
Excluding Brokered CDs, deposits increased $172.8 million or 2.7% to $6.6 billion.
Net interest margin was 3.29%.
Amalgamated Financial
Amalgamated Financial
Forward Guidance
Priscilla Sims Brown, President and Chief Executive Officer, commented, “We are in the midst of turning over an older balance sheet as our lower yielding residential loans, multi-family loans and securities roll off over the next twelve to eighteen months and are replaced with higher yielding loans and PACE securities. When paired with our deposit franchise, I am excited about our prospects for margin expansion during 2024.”